Andrew Goldstone and Jonathan S. Betesh (Mishcon de Reya) review the latest tax developments affecting private clients.
Increased tax recovery from offshore account holders
HMRC recovered £560m from British taxpayers with undeclared offshore interests. This is a substantial increase from the £325m recovered just two years ago. The Offshore Corporate and Wealthy Unit (OCWU) sits within the Fraud Investigation Service at HMRC and targets HNWIs and businesses. It has been receiving data on bank accounts since 2016 from offshore financial centres including the Channel Islands Bermuda and the British Virgin Islands. Last year the OCWU investigated a total of 839 individuals and businesses representing an average yield of £677 000 per taxpayer according to figures obtained under a freedom of information request by Pinsent Masons. The first automatic information exchanges took place in September 2017 under the common reporting standard. Early...
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Andrew Goldstone and Jonathan S. Betesh (Mishcon de Reya) review the latest tax developments affecting private clients.
Increased tax recovery from offshore account holders
HMRC recovered £560m from British taxpayers with undeclared offshore interests. This is a substantial increase from the £325m recovered just two years ago. The Offshore Corporate and Wealthy Unit (OCWU) sits within the Fraud Investigation Service at HMRC and targets HNWIs and businesses. It has been receiving data on bank accounts since 2016 from offshore financial centres including the Channel Islands Bermuda and the British Virgin Islands. Last year the OCWU investigated a total of 839 individuals and businesses representing an average yield of £677 000 per taxpayer according to figures obtained under a freedom of information request by Pinsent Masons. The first automatic information exchanges took place in September 2017 under the common reporting standard. Early...
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